Will off/living trust

Discussion in 'Wills & Estate Planning' started by allanproperty, 13th Jan, 2024.

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  1. allanproperty

    allanproperty Active Member

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    Hi everyone,

    Can you please guide me the right direction which suits me the best to make a will?
    I currently have 2 properties under my name (my home in NSW and an investment in Perth). I don't plan to marry and have family. I would like to give all of my assests and super to my brother who is in overseas (not AU citizen) in the case I die.

    Can you please guide me how can I make a will (for both properies and super) that is the cheapest and legal way?

    I also have another question about living trust: I've heard that if my properites are in a living trust, then my brother family can live there without paying any tax? Is that correct? How can I transfer them to a living trust?

    Many thanks for your comment.
     
    allanproperty, 13th Jan, 2024
    #1
  2. wylie

    wylie Moderator Staff Member

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    In my personal experience, "cheapest and legal" is a red flag.

    I've experienced the trauma and fallout from a will that was not cheap, but ultimately was overturned by a family member.

    When we did our own wills, we chose to go to a specialist legal company. It was not cheap. We've done all we can and will not know how robust the wills are as we will not be here.

    I would certainly not be looking for "cheap", whether it is legal or not.
     
    wylie, 13th Jan, 2024
    #2
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  3. Trainee

    Trainee Well-Known Member

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    What you pay for, and should pay for, in a will is the lawyer's experience and knowledge. It's not about what you think you want, it's the lawyer advising you on all the rules you don't know. A non-citizen, non-tax-resident sole beneficiary to an estate is a massive issue that has a lot of tax and legal implications.

    The estate is more than likely to be worth millions, if you die at a decent old age. It's worth it to get a decent will done (think, 2-3k?)
     
    Trainee, 13th Jan, 2024
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    A living trust is an american concept

    If you want cheap, do nothing and rely on the intestacy laws - cheap for you that is.
     
    Terry_w, 13th Jan, 2024
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  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Or get a local will drawn up. If you later marry its invalid. If you have a defacto they can make a claim. And if your brother is lucky enough to benefit the tax issues could be a issue. If he isnt a citizen he may have a house he CANT live in and need to pay tax in ways you may not appreciate. Our nearest thing to a living trust is a testamentary trust. And that may be less than ideal for a person who is not a tax resident of Australia
     
    Paul@PAS, 16th Jan, 2024
    #5
  6. scmnit

    scmnit Well-Known Member

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    Hi Folks , Sorry intruding the thread but I've a query we're a family of 3, based out of Sydney - was looking for options of companies (preferably based out of SYD/NSW) who can help to do the will for us. I know NSW trustee and guardian does all of that - but don't want to run thru offices as time poor , hence was looking for lawyers who do this kind of work end to end and their fees etc.... thanks!
     
    scmnit, 18th Jan, 2024
    #6
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Most solicitors would be able to do simple wills.
     
    Terry_w, 18th Jan, 2024
    #7
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